Trivia

When Jiraiya performs this technique on Naruto, the "Five Elements" referred to in the name are the Chinese Five Elements, the Five Movements (五行, Japanese: Gogyō, Chinese: Wǔxíng):

Metal (金, Chinese: jīn),

Wood (木, Chinese: mù),

Water (水, Chinese: shuǐ),

Fire (火, Chinese: huǒ),

and Earth (土, Chinese: tǔ).

This suggests the elements are merely symbolic. However, when Kazuma performs this technique on Sora, the five elements are shown as the five chakra elements used in most other techniques, the Five Greats (五大, Godai):